2013-10-11 13:14:50 -
Vancouver, British Columbia CANADA, October 11, 2013 /FSC/ - Santa Barbara Resources Limited (SBL - TSX Venture), is pleased to report that drilling at the Sancos project is progressing ahead of schedule and below budgeted cost. To date 17 reverse circulation drill holes have been completed, representing 3,960 m of the planned 5,000 m drill program currently in progress with our joint venture partner Rio Alto Mining Limited. Between 5 and 6 additional drill holes will test other targets within the Sancos Central zone. Assay results for all of these holes will be published when they become available.
Visual inspection of the drill chips has revealed the presence of long intersections of hydrothermal breccias, vuggy silica, massive silica and granular
silica rock and alteration types characteristic of high sulphidation epithermal gold systems.
Appointment of New CFO
Santa Barbara also reports that Doris Meyer has notified the Company of her decision to retire as Chief Financial Officer with effect from October 8, 2013. Ms. Meyer has served in this role since the Company's inception in 2007. She will remain as Corporate Secretary.
On behalf of the Board of Directors, Christoph Lassl, President and Chief Executive Officer of Santa Barbara, would like to thank Ms. Meyer for her significant contributions over the years as Chief Financial Officer and is pleased that she will remain on as Corporate Secretary.
Dan O'Brien has been appointed as Chief Financial Officer. Mr. O'Brien is a Canadian Chartered Accountant and has been the Company's Controller since 2012. He was previously a senior manager at a leading Canadian accounting firm where he specialized in the audit of public companies in the mining and resource sector.
About the Company
Santa Barbara is a South American mineral explorer focusing on Peru and Chile. The Company has 25.3 million shares outstanding.
ON BEHALF OF THE BOARD
Christoph Lassl, President and
Chief Executive Officer
Please visit the Company's web site: www.sbr-ltd.com. For further information, please contact Christoph Lassl, President and Chief Executive Officer. Telephone: 56-9-81490442 or email: email@example.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and include, without limitation, statements regarding the Company's plans with respect to exploration activities on the Sancos Project. Although Santa Barbara believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements, including the risk that Rio Alto will not proceed with the exercise of the option and the funding of exploration activities on the Sancos Project. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SANTA BARBARA RESOURCES LIMITED
Unit 1 - 15782 Marine Drive
White Rock, British Columbia, V4B 1E6
Web page: www.sbr-ltd.com
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Source: Santa Barbara Resources Limited (TSX V SBL)
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